Argentinians declared 21.9 billion USD during the amnesty of capital

Argentinians declared 21.9 billion USD during the amnesty of capital, which began in the country in August, announced the head of the country’s tax office Alberto Abad. Nearly 7.2 billion USD of this amount was cash and the rest in property and bank accounts abroad. With these results, the government has achieved its objectives, which were set before the amnesty.

“This cash, which came from 108,623 citizens was received in the banking system and now can be turned into investments. About 10% of this amount in the coming months will go into the budget in accordance with the law on amnesty of capital”, said Alberto Abad on press-conference.

Argentina’s parliament approved a law on tax amnesty in late June. According to the document, Argentinians can legalize their undeclared assets and overseas accounts, paying the state from 0% to 15% by buying government bonds. The effect of the law does not apply to representatives of the judicial, executive and legislative power in the country, as well as their close relatives.

By the end of October, Argentinians could announce the undeclared cash. On Monday, expired in which they were required to submit a bank account. The amnesty of capital in the country will finally end on March 31, 2017.